What is an IDA?

An IDA or Individual Development Account is a savings account connected to services to help individuals and families eventually acquire an economic asset toward long-term financial stability. If all qualifications are met, Veridian will match up to $2,000 in savings per IDA. There is a limit of one IDA per household.

You are eligible for an IDA if you:	You can use the funds in an IDA to:
Are a Veridian member with all loans here paid current and other Veridian accounts not overdrawn. Earn 80% or less of the Area Median Income (AMI). Have not previously received an IDA match.	Purchase your first home, including a down payment or closing costs. Pay down debt to decrease your debt-to-income ratio and qualify for a mortgage. Pay off collections to increase your credit score and qualify for a mortgage.

To receive your savings match, you must:

Make a monthly deposit of at least $25 but no more than $350. Save for at least six consecutive months, including the month the account is opened, but for no more than 24 months. Complete a Veridian-approved homebuyer’s financial education program.

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